U.S. Economic News

May 28, 2020

U.S. Economic Indicators

The second estimate of Q1 GDP indicates that the U.S. economy contracted at an annualized rate of 5.0%, a greater pace of contraction than the prior estimate of 4.8%. The latest reading reflects a downward revision to private inventory investment partly offset by upward revisions to consumer spending and business investment. BEA Report

New orders of manufactured durable goods fell 17.2% in April after falling 16.6% (revised) in March. Excluding transportation, new orders fell 7.4% last month after declining 1.7% the month before. Census Bureau Report

Initial jobless claims fell 323,000 to 2,123,000 last week. The four-week moving average decreased 436,000 to 2,608,000. DOL Report

The National Association of Realtors Pending Home Sales Index fell 21.8% in April (down 33.8% year-over-year). NAR reports that while coronavirus mitigation efforts have disrupted contract signings for the moment, buying activity is expected to rise as states reopen and more consumers feel comfortable with homebuying amid social distancing measures. NAR Report